Richemont

FY24 RESULTS: Sales +3% to €20.6 bn. HEPS -4% to 6398c (BB estimates: 6544c). Gross Margin 68.1% from 68.7%. Asia sales +4% (actual), +12% (const. FX). China sales +7%, contributing 54% of Asia’s total sales from 52.6%. Jewelry Maison sales +6% (actual), +12% (const. FX), with the operating margin for that segment jumping to 33% from 26%. The group divi was increased 10%.
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